All Forum Posts by: Grant Patmon

@Brian Fisher Look Great! Good luck getting it sold.

@Mitch Hovan

Things have been slowing in KLB and similar downtown neighborhoods at an ARV above 300K. If you are looking for a $300K + ARV just make sure you have a large spread and plan for longer DOM's.

Hi @Trachelle McNeill.  Out of curiosity, what did you ask him?

I have business that flips homes in Columbus and on a weekly basis and I typically speak with at least a few wholesalers.  Most of which are just starting out.  Wholesaling is a tough gig, a good wholesaler should have experience and a deep understanding in everything it takes to get the property they are wholesaling rehabbed and to market.  

When I speak to wholesalers just starting their ARV and construction budget estimates are typically not even close. Worse yet it's not uncommon for them to be pushing ethical boundaries and sometimes even breaking the law. It's situations like this that have definitely created a bit of animosity towards newbs.

If you are serious about your success educate yourself during all of your free time.  Hire a mentor, and reach out to pro's here in Columbus to ask for advice.  The worst way to loose credibility is the fake it till you make it BS and trying to peddle bad deals.  Don't be that wholesaler.  

If the guy was being a jerk don't sweat it.  If you want to be a successful wholesaler you will encounter a lot worse.  :)

I am experienced, happy to help, and looking for more deals to buy.  Inbox me and I can give you my contact info.  I'll be more than happy to buy your first wholesale deal.  

Hey Matt

I own rentals in Columbus and do a handful of flips a year too.  I suggest having your friend reach out to @Amanda Roderick.  I know her personally and professionally and she knows her stuff!  She and her husband are active investors too and have a ton of insight on the local market.  

My pleasure my friend.  I think you asked a great question.  I’m surprised there isn’t more feedback.  Maybe no one wants to share their trade secrets?? lol

Yes, definitely get a CRM right now.  Mine has been a huge game changer.  Realty juggler is very easy to use and very inexpensive.

I’d be more than happy to share my RID.  It’s no frills but allows me to easily collect a great deal of basic information from potential residents without using a full blown rental app.  If you inbox me your email address I’d be more than happy to send it to you on an editable word document.

Hey Brad.  I'll hop on and chime in.  

For the sake of time management I typically try and hold a few open houses when marketing my rentals.  I't is a huge time saver allowing me to meet all potential residents but not have to spend a massive amount of my time setting up and going to rental appointments.

At the open house I bring a few things..

1. A stack of "we buy houses" business cards.  I always try and work into the conversation that I offer a $1000 finders fee for any home I buy with everyone I meet.  

2. A stack of rental qualification checklists with the specific requirements for the subject property.  (Income Req's, Credit Score, and the like are all on the checklist)  This will help politely weed out any potential applicants that do not qualify.

3. A stack of RID documents.  (Resident Information Documents) This is a document that I came up with that is essentially a "soft" rental app.  It gathers very basic information including "why are you moving", "what is your current income", "who will be living with you", and a number of other similar questions.  

As potential residents enter the home I greet them, tell them to look around and suggest that they grab a business card and a rental requirement checklist from the kitchen counter.  Before they leave I ask interested potential residents to fill in the RID so that I have some of their most basic information if they do choose to move forward.  

By the end of one or two open houses I typically have a small stack of RID documents filled in by qualified residents and can begin following up with the most qualified prospects.  

Another thing I like to use is a CRM to manage my small rental portfolio as well as relationships with contractors, vendors, etc.  I'm not sure if you use a CRM or not but I've been using Realty Juggler and though it's not perfect by any stretch, its easy to use, works well for my small business and hits a price point at $99/year...

Anyway, great question.  I definitely hope others chime in.  I would love to hear about the systems/docs others are using in their businesses!

Very good tip! I have argued values in the past, sometimes with luck and sometimes without luck. Some of my BRRR properties have had their taxable values re-appraised for as much as a 300% increase in this most recent re-appraisal which is insane! I'm looking forward to seeing if anyone has tip's on how to successfully lower your tax appraisal. Right now I have a 50% success rate.

@Michael Ashley I agree with @Adam Fansler's suggestion to use Willis Law.  I have used them a couple times and they are only about $300.  They literally go in the court with a stack of them which keeps the costs down.  I'm sure the other attorneys suggested could handle the job too though!

@Brad Clarizio Super stand up move offering to hang the 3 day notice!  Very nice of you.

The most obvious and simple answer is a credit card. You should have no issue getting 4-5 k limit if your credit is half way decent. That being said who cares what your interest rate is on a 4K loan. Even if you had to pay 8k back a month later it would be worth it to get the deal done. If a small amount or even large amount of interest is keeping you from complicating a flip your being penny wise but pound foolish.

Call the "we buy houses " signs you see on the side of the road. A lot of those guys are wholesalers. That being said do your due diligence before purchasing a wholesale deal. There are some great wholesalers out there BUT... the majority of "wholesalers" that I have spoken to, which is a ton, are not very good. Finding a great deal is the hardest part of this business so don't get discouraged if it takes a while to find the right one, but also don't be afraid to pass up the wrong one!